Ghanaian businesses importing goods from China can now initiate eligible payments directly from their Ghana cedi accounts under a new payment arrangement being piloted by Stanbic Bank Ghana.
The initiative, backed by the Bank of Ghana (BoG), is aimed at reducing the country’s reliance on the US dollar in bilateral trade and easing foreign exchange challenges faced by businesses importing from China.
BoG Governor Dr Johnson Pandit Asiama disclosed the development at the 132nd Monetary Policy Committee press briefing, noting that Ghana Commercial Bank (GCB) was also preparing to introduce a similar service.
Under the arrangement, eligible businesses can make payments to Chinese suppliers in yuan without first having to source US dollars.
“As a central bank, we’re doing a number of things. You might have heard about one of the banks. What’s the name? Stanbic,” Dr Asiama said.
“They are piloting a programme whereby our exporters, our importers, no longer have to carry US dollars on them to go and pay for their imports. They can actually pay in Ghana cedis right from here. And so, as we speak, if you want to buy anything from China, just go to Stanbic Bank with your Cedis,” he explained.
How the payment arrangement works
Stanbic Bank’s service uses China’s Cross-Border Interbank Payment System (CIPS), a payment network designed to facilitate cross-border transactions in Chinese yuan.
Eligible customers can initiate yuan-denominated payments from their existing Ghana cedi accounts, subject to the bank’s requirements and applicable regulatory and compliance procedures.
To use the service, businesses must hold an account with Stanbic Bank Ghana, select Chinese yuan as the payment currency and provide the required supporting documentation.
According to the bank’s published guidance, eligible payment instructions submitted with complete documentation by 2 p.m. GMT can be processed for settlement by the next business day, subject to regulatory and compliance requirements.
The arrangement could reduce the need for multiple currency conversions and provide Ghanaian importers with a more direct channel for settling payments with Chinese suppliers.
However, businesses will still be required to satisfy all relevant documentation, foreign exchange, regulatory and compliance requirements.
GCB set to offer similar service
GCB is also preparing a similar payment service, according to the BoG Governor.
If introduced, the service could broaden access to yuan-based payments and give more Ghanaian businesses an alternative to conventional dollar-based settlement channels.
Importers of machinery, electronics, industrial inputs, textiles and other products from China could particularly benefit from a more direct payment route.
The potential cost savings, however, will depend on prevailing exchange rates, transaction fees, payment values and the terms offered by individual banks.
The arrangement should therefore be viewed as an alternative payment channel rather than a guarantee that every China-related transaction will be cheaper.
It also does not mean the US dollar has been eliminated from Ghana-China trade. Dollar payments and other established international settlement mechanisms remain available, while yuan payments will apply only to eligible transactions.
Ghana-China trade ties deepen
The initiative comes as Ghana and China continue efforts to deepen economic cooperation and expand bilateral trade.
China’s zero-tariff initiative for African countries with which it has diplomatic relations took effect on May 1, 2026. The policy provides preferential zero-tariff treatment for eligible African exports entering the Chinese market, with arrangements for countries not classified as least developed applying initially for a two-year period.
The policy could create new opportunities for Ghanaian exporters seeking access to the Chinese market, subject to applicable product, customs and regulatory requirements.
Together, the yuan payment arrangement and China’s tariff initiative could provide additional support for businesses seeking to expand trade between the two countries.
However, increased trade will also depend on factors such as the competitiveness of Ghanaian products, logistics, compliance with Chinese market standards, production capacity and access to financing.
